India’s only integrated provider of oral healthcare products in the outsourced manufacturing domain, offering oral care products -- including toothbrushes, toothpaste and mouthwash -- to leading national and multinational brands. Svendgaard have among the highest installed manufacturing capacities in the toothbrushes segment with about 300 million units per annum.

They are seen as a preferred supplier of oral care products. JHS has already proved itself for its excellence in manufacturing and adherence to the best quality standards. This has ensured the principals who have sourced products from them continue to do so on a long-term basis and also increase the scope of their association with Svendgaard.

Businesses:
1.Private Labels in India (Highly customized offering for each client)
2.Export - Private labelling for Asian,African, Middle East, European and American markets.
3.Their own brands - This is interesting.The logic is whatever excess is left over from manufacturing private labels is sold as their own brand.

Capacity:
A lot of capacity was built during recession which till the last quarter was running at 40-50%.They are now ramping up to manufacture at 80%-90%.

ROE:
10-15% due to low asset turnover.Expected to improve to 25-30% over the next year.

Market Cap:
153 crores

Management:
First generation promoter.Survived the recession.Need to dig deeper.

Competitors:
Need to check.

Moat:
Need to check.


I don't own it,SBI MF does .Only some Sunday morning work for me.

Check this-> http://indiaearnings.moneycontrol.com/sub_india/compnews.php?autono=501974

I am not sure who the competitors are and what's the moat like in this business.

Read this -> Makes interesting reading of how they survived the recession,the reason for all the above factors.

http://economictimes.indiatimes.com/features/financial-times/JHS-Svendgaard-ties-up-with-pharma-major-weathers-recession-deftly-/articleshow/4058804.cms

Their AR is brilliant.Every aspect is explained in a crystal clear manner.